Explanatory Note¶
(This note is not part of the Regulations)
These Regulations bring section 1 of the Budget Responsibility Act 2024 (c. 24) (“the Act ”) into force.
Section 1 amends the Budget Responsibility and National Audit Act 2011 (c. 4) (“the 2011 Act ”).
In particular, if a Minister of the Crown proposes to make a fiscal announcement to the House of Commons in respect of a measure, or a combination of measures, which is fiscally significant, the amendments require the Treasury to request the Office for Budget Responsibility (“the OBR”) to prepare a report under section 4(3) of the 2011 Act. If a request is not made, the OBR must nevertheless prepare a report if the OBR is of the opinion that the measure, or the combination of measures, is fiscally significant.
Section 1 is the only remaining provision of the Act to be commenced. Section 2 (extent, commencement and short title) came into force on Royal Assent (10th September 2024).
A full impact assessment has not been prepared for these Regulations as no, or no significant, impact on the private, voluntary or public sector is foreseen.